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Low Cost Term Life Insurance – The Most Used Low Cost Policies
We all want to buy low cost life insurance. It’s the smart thing to do. I was recently having a casual conversation with one of my neighbors about life insurance and was surprised to see the amount of premiums he was paying for term insurance.
I did some research on him and found the exact type of policy he had for about half the premium he was paying. This policy was from one of the most well-known life insurance giants…a company over 100 years old.
You can find low-cost life insurance from a reputable life company if you take the time to do your research. Look for carriers that are rated A+ or better by AM Best. AM Best does the research, that’s their function.
The most popular term life policies are the 10-year term policy, the 15-year term policy, the 20-year term policy, the 25-year term policy and the 30-year term policy. Let’s take a look at each and see how you can benefit from one or more of these low-cost life insurance policies.
Life Insurance for 10 years
The 10 year term has a very low premium cost per $1,000 of death benefit. If you need a policy to protect your loved ones for a short period of time, then this could be the right policy for you. Let’s say your youngest child is 15 and you expect this child to graduate from college by age 25, all you need to do is calculate the amount of income you’ll need each month for 10 years future and purchase a sufficient policy to secure this income. The death benefit remains flat for the entire 10-year period. It never goes down.
Life Insurance for 15 years
The 15-year long term plan can also be considered a low-cost insurance policy. It is usually used similarly to the 10-year term, but for a longer period. If your youngest child is 10 years old, then you will need a 15-year policy to do the job of protecting your dependent children. The death benefit remains flat for the duration and so does the premium.
Life Insurance for 20 years
Let’s take a moment to look at how to use the 20-year term policy. Since it is a long-term policy, the premiums are quite low. This policy is perhaps the most exciting of all long-term policies. The reason is because it is usually bought at an exciting time in your life. You just got married or about to. The logical thing to do is to buy a 20-year policy to protect your adorable spouse in the event of death.
You and your spouse have an addition to the family, so you each purchase a 20-year policy to protect your newborn child.
You start a business, whether a sole proprietorship, a partnership or a corporation that you know you need to buy life insurance.
This policy has a level death benefit as well as a level premium for the duration.
Life insurance for 25 years
You might say that 25 years is too far to see. Well, let’s look at the first situation we discussed. You expect your children to graduate college by age 25. If you are newly married, likely don’t have children yet, or have a new addition to the family, the 25-year term policy will work well for you. Premiums are tiered and so is the death benefit.
Life Insurance for 30 years
The 30-year life policy is for people who see even further. This is a low-cost insurance policy that can protect your family until you retire and receive a pension, that is, if you are 35 or older at the time of purchase. This policy works just like other policies.
When you’re in the market for low-cost life insurance, you should keep in mind that the longer the policy term, the higher the cost. The 10-year policy will cost less in premium than the 15-year term and so on.
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